Latest news with #Euro-Dollar
Bloomberg
03-04-2025
- Business
- Bloomberg
Markets Sell Off on Worse-Than-Expected US Tariffs
US equity futures sink as investors react to President Trump's latest round of tariffs - a general 10% global levy as well as higher, specific duties for around 60 countries. China and the EU - who receive an updated 54% and 20% US tariff rate respectively - vow responses. A 25% levy on the autos sector kicks off, and a 46% levy on Vietnam hits US retailers that manufacture there. Finland's Foreign Minister Elina Valtonen tells Bloomberg she hopes for fruitful negotiations to start as a result of the imposition of tariffs. Jane Foley of Rabobank picks Euro-Dollar as the most interesting currency pair to watch post-tariffs and sees the Euro strengthening. Investors should brace for more changes and flip-flopping on tariff rates, says Frank Monkam of Buffalo Bayou.'Bloomberg Brief' delivers the market news, data and analysis you need to set your agenda. (Source: Bloomberg)
Morocco World
20-02-2025
- Business
- Morocco World
Morocco Plans Euro Bond Issue to Fund Infrastructure, World Cup Projects
Doha – Morocco is preparing to return to the international bond market with a euro-denominated issuance, marking its first such move since 2023, as the North African country gears up to finance major infrastructure projects ahead of co-hosting the 2030 FIFA World Cup. 'Today we need euros more than dollars,' said Finance and Economy Minister Nadia Fettah Alaoui during an interview at a conference in AlUla, Saudi Arabia. Morocco 'can be ready anytime' for the bond sale but is waiting for January's market volatility to subside, she stated. This will be the government's first euro-denominated bond since 2020, when Morocco issued a €1 billion bond with two €500 million tranches, following a dollar issuance in 2023 that raised $2.5 billion through two $1.25 billion tranches with 5-year and 10-year maturities. The yield on Morocco's existing euro notes due in March 2026 has decreased by approximately one percentage point since early 2025, reaching 3.03% on Wednesday. The planned bond issue comes as part of a broader financing strategy, with lawmakers setting a $6 billion ceiling for new foreign debt in the 2025 budget bill. The bond sale is expected to raise one-third of this amount, while bilateral and institutional partners will provide the remaining funds. The financing will support various infrastructure projects, including railway expansion, fleet enhancement for the national carrier, construction of two deep-sea ports, and development of twelve desalination plants. The country also plans to invest in green hydrogen and renewable energy projects. Read also: Morocco to Loosen Dirham Peg to Euro-Dollar Basket by 2026 Additionally, the government needs to secure at least $2 billion for pension reforms scheduled for this year. Mark Bohlund, senior credit research analyst at Redd Intelligence, said Morocco might issue the bonds after securing the renewal of a flexible credit line from the International Monetary Fund. 'It lowers the yields and offers a buffer against potential external shocks,' Bohlund asserted. According to Bloomberg calculations based on government data, Morocco's total spending through 2035, including costs from the 2023 earthquake, will reach a minimum of $35 billion. The European Union, as Morocco's primary trading partner, is expected to play a crucial role in financing these infrastructure projects, particularly those related to the 2030 World Cup, which Morocco will host alongside Spain and Portugal. Tags: Euro Bondsworld cup 2030
